Modern Mining May 2024

intended deadline. By mid-October, we received a letter of acceptance for the mining rights application from the DMRE. The big milestone for us was receiv ing the acceptance letter as it marked the start of the next phase of project development – finishing a scoping report for the environmental impact assess ment and expert studies. Earlier this year, we received the results from the technical Scoping Study, which delivered beyond our expectations.” According to Odendaal, the Scoping Study indicated that the project was substantial, plac ing Southern Palladium in the ranks of a Tier One operation. “The recently concluded Scoping Study rep resents a pivotal moment for our company, made possible by the A$19 million raised in June 2022 for the drilling programme and associated study work. The Bengwenyama project is now recognised to be of world class stature. Our commitment to explor ing every avenue to maximise value and optionality for all stakeholders has been underscored by the study’s impressive outcomes: a NPV8 of US$700 million, an Internal Rate of Return (IRR) of 21%, and a noteworthy annual Free Cash Flow (Pre-tax, real terms) of some US$180 million at steady state over a 36-year mine life. These compelling figures make a strong case for the continued development of the orebody. Our exploration efforts have resulted in the identification of a significant resource totalling 26.22

The A$19 million dollars raised at its listing on the Australian Stock Exchange in June 2022 assisted the company to kick-start its exploration programme.

towards the end of 2023 and zoned in on the area above 500 metres on the eastern side of the project. “On the 29 th of September 2023, we applied for a mining right which was six months earlier than our

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